Melbourne, Victoria (PRWEB) February 20, 2007 -- iSelect, Australia's largest health insurance broker today released statistics showing that more and more Australians are choosing to take out private health insurance. The latest Government statistics released in December 2006 showed that around 43% of Australians (source: PHIAC) were covered by private health insurance. Over the last 6 months to December 2006 iSelect stated that they had seen the proportion of people who were new to private health insurance had grown by 16%. Thus making the proportion of iSelect customers who were new to private health insurance reach 80%.
iSelect said that there are several factors driving this trend including mistrust of the public system, higher employment levels, and the effect of the medicare levy surcharge for "high income earners" biting more and more taxpayers. iSelect said "whilst these factors have a notable impact on the growth of new sales we are also seeing more and more consumers looking for better value cover on their extras policy for things like dental, optical and natural therapies." Roger McBride from iSelect.com.au said, "There is also an increasing trend for consumers to review their Private health insurance to ensure they are covered for the right items for their particular stage of life."
iSelect predict that the participation rate for private health insurance will continue to grow in 2006/2007 and that premium increases expected in April this year will be lower than previous years. McBride said: "premiums have risen by around 40% over the last 5-6 years and whilst we expect lower increases this year the impact of prices outstripping inflation will continue to disturb policy holders."
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